“Philanthropy is deep in our bones. It’s deep in our spiritual and social practice. It’s kind of what we do,” said Anasa Troutman, executive director of the Historic Clayborn Temple and founder of The Big We, while moderating a recent panel discussion the Community Foundation of Greater Memphis hosted.
The panel conversation, “Acknowledging and Celebrating the Power of Black Philanthropy,” was the culminating event of the Community Foundation’s commemoration of Black Philanthropy Month in August.
Since 2011, Black Philanthropy Month has been observed globally to celebrate and amplify Black giving. It is a month-long social action campaign to inform, inspire, and invest in Black philanthropic and funding equity.
Our panel included Brandon Arrindell, principal and senior analyst at Southeastern Asset Management, Shante Avant, county commissioner and president and CEO of the Women’s Foundation for a Greater Memphis, and Rychetta Watkins, director of grantmaking and partnerships at the Memphis Music Initiative.
Many Black donors were introduced to philanthropy by relatives, giving in their churches, even when they had little to donate. Black philanthropists tend to give to charities that support youth and education and are motivated by their deep sense of community. The power of Black philanthropy is often obscured, but it is mighty. As Troutman noted in her opening remarks, Black families donate 25 percent more of their wealth than white families. Nationally, nearly two-thirds of Black families make charitable donations totaling $11 billion a year.
While Black philanthropy is already formidable, it has the power to grow even more. A critical element to building Black philanthropy is building Black wealth. Arrindell spoke of the racial disparity in the asset management business. U.S. investment firms manage $82 trillion and produce $100 billion annually in cash flow. In 2021, minority-owned firms managed just 1.4% of all assets. Black managers make up a small fraction of that tiny percentage. Locally, however, there is reason for optimism.Shelby County Mayor Lee Harris committed to allocating a portion of the county’s pension fund to a Black-owned investment company and, in 2021, approached leadership at Southeastern Asset Management. Recognizing the woeful underrepresentation of minority-owned firms, it created Greenwood Pine Partners, an investment management firm that is 51% owned by Arrindell. The proceeds from Southeastern’s 49% ownership stake support nonprofits that help Black community initiatives.In 2020, the Community Foundation, likewise set new investment goals for the foundation’s financial assets, which codifies our commitment to hiring diverse managers.
Memphis is one of the most charitable cities in the country, yet it is exponentially harder for Black-led nonprofits to raise capital. Panelists encouraged attendees to invest equitably, be more trusting of people doing the work, and think creatively about the ways they can give.
Through their leadership roles, Avant and Watkins steward dollars and direct resources to make a difference in Black communities.
The board of the Women’s Foundation for a Greater Memphis strategically targeted its support—the combined generosity of female donors and corporate partners—to 38126, Memphis’s poorest ZIP code. The Women’s Foundation has deployed $7.1 million into the community and expanded its poverty-reducing footprint to an additional four ZIP codes.
Memphis Music Initiative is an intermediary nonprofit, funneling philanthropic dollars—$11 million in the last 10 years—to invest in Black and brown youth development through music engagement programs.
As vice president of philanthropic services at the Community Foundation, the topic and power of Black philanthropy is at the forefront, not only on a personal level, but professionally.
Heightened visibility and increased funding are critical to nonprofits’ sustainability. The opportunities surrounding Black Philanthropy Month open the door for people to participate in education around causes and establish strong charitable relationships beyond August.
At the Community Foundation, we are committed to equitable grant funding and intentional capacity building for Black-led, Black-serving organizations. For more information, visit cfgm.org.,
Veronica Jamison is vice president of philanthropic services at the Community Foundation of Greater Memphis, the region’s largest charitable grantmaker that last year year allocated $115 million in grants to nonprofit organizations.
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